Electric cars Kempower, which manufactures fast charging devices, is raising its outlook for the current year.

The company announced that it expects its turnover to be 240–270 million euros this year, if exchange rates do not have a significant impact.

In the company’s previous guidance published in connection with the results announcement in mid-February, the turnover was estimated to be 180–210 million euros.

Kempower also raised the guidelines for its results. The company expects its operating profit margin to be 5–10 percent this year. In the previous guidelines, the operative operating profit margin was estimated to be in the single digits.

According to the company, the early entry into the North American market this year will affect its operating profit due to costs related to the establishment of the factory and recruitment.

According to the company, the goal is that its new production capacity in the United States would be available by the end of the current year.

Kempower reported preliminary information from the first quarter of the current year in connection with the earnings warning.

Compared to a year ago, its business has grown wildly. According to the company, its turnover in the first quarter of the year was 55.8 million euros, i.e. no less than 385 percent more than in the same period a year earlier.

Kempower’s operating profit increased to 6.9 million euros in the first quarter, while in the comparison period the operating result was a loss of one million euros.

In the first quarter, the company’s order book grew to 124.4 million euros from 29.1 million euros in the comparison period, and order intake to 61.4 million euros from 26.9 million euros in the comparison period.

Kempowerin the share price started to rise significantly after the earnings warning. A little before half past one in the afternoon, the company’s share was up 13.4 percent.

Correction 15.4. 1:13 p.m.: Kempower expects this year’s turnover to be 240–270 million euros, not 230–270 million euros.